iBank(IBANK)

Momentum is picking up in the crypto markets, and an influx of newcomers – including exchanges – is inevitable. But following the catastrophic collapses of the previous market cycle, how can users discern if an exchange is stable and liquid, like Coinbase or Multibank.io, or run by bad actors, like FTX or Quadriga?

[PRESS RELEASE – Dubai, UAE, October 26th, 2023] MultiBank.io, the cryptocurrency exchange arm of the MultiBank Group, the world’s leading financial derivatives institution, is announcing the launch of its innovative “Panic Sell” feature, marking another milestone in its ongoing commitment to enhancing the trading experience for its users. The “Panic Sell” feature is designed to […]

Cryptocurrency exchange MultiBank.io says it’s injecting a bit of stability into the lives of stressed-out traders with the launch of its innovative new “Panic Sell” feature, which allows them to quickly dump any digital asset they may hold if market conditions necessitate such a move.

Citibank explores the potential of Central Bank Digital Currencies (CBDCs) to revamp securities settlements based on securities firms survey. CBDCs are digital currencies backed by national central banks, and have caught Citibank's attention due to their promise for quicker and more efficient settlements for securities firms. With securities transactions being a critical pillar of the global financial system, any improvement in settlement speed can have profound implications. CBDCs can potentially minimise delays, reduce costs, and mitigate the risks associated with traditional settlement methods. Citibank recognises the potential of CBDCs to transform not just securities but other facets of banking as well. Its move resonates with a broader trend where financial institutions globally are turning their attention to digital currencies, particularly CBDCs, to streamline operations and enhance customer experiences. However, while the prospects of CBDCs are promising, their full-scale implementation in securities settlements demands meticulous planning. Ensuring interoperability with existing systems, regulatory harmony, and the technological infrastructure to support vast transaction volumes are some areas that require thorough attention. Opinion The Citibank survey highlights some of the perceived advantages of a central bank being able to wield its own central bank digital currency (CBDC). Of course, what wouldn’t be a quicker settlement process than what already exists? The survey findings point to institutions turning to CBDCs as well as other digital currencies in order to improve their overall capabilities. However, the key with alternative digital currencies will be whether institutions will be allowed a choice. Global financial bodies and regulatory agencies are at last acknowledging the innovations brought to finance by cryptocurrencies, but this is always overshadowed by their perceived ‘risks’ to the financial and banking system. It needs to be made very clear. The only chance for the existing system, at least as far as governments and central banks are concerned, is a widespread implementation of CBDCs. Only with this kind of control will central banks be able to impose any kind of financial stricture they desire upon the citizenry. The total control this would bestow to a central bank would allow it to ‘switch off’ from the system any individuals who do not follow the bank’s rules. Many who might see this would perhaps think that this is a fantastical and dystopian future that can only be read about in science fiction books. Nevertheless, it can be seen that China has a social credit system already in place that allows the government to blacklist and punish individuals who do not toe the line. Given the unbelievably disastrous state of all fiat-based economies across the world, total control of finances by governments and their central banks must be put in place to extract the last wealth of the people in order to prolong the fiat monetary system. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Citibank explores the potential of Central Bank Digital Currencies (CBDCs) to revamp securities settlements based on securities firms survey. CBDCs are digital currencies backed by national central banks, and have caught Citibank's attention due to their promise for quicker and more efficient settlements for securities firms. With securities transactions being a critical pillar of the global financial system, any improvement in settlement speed can have profound implications. CBDCs can potentially minimise delays, reduce costs, and mitigate the risks associated with traditional settlement methods. Citibank recognises the potential of CBDCs to transform not just securities but other facets of banking as well. Its move resonates with a broader trend where financial institutions globally are turning their attention to digital currencies, particularly CBDCs, to streamline operations and enhance customer experiences. However, while the prospects of CBDCs are promising, their full-scale implementation in securities settlements demands meticulous planning. Ensuring interoperability with existing systems, regulatory harmony, and the technological infrastructure to support vast transaction volumes are some areas that require thorough attention. Opinion The Citibank survey highlights some of the perceived advantages of a central bank being able to wield its own central bank digital currency (CBDC). Of course, what wouldn’t be a quicker settlement process than what already exists? The survey findings point to institutions turning to CBDCs as well as other digital currencies in order to improve their overall capabilities. However, the key with alternative digital currencies will be whether institutions will be allowed a choice. Global financial bodies and regulatory agencies are at last acknowledging the innovations brought to finance by cryptocurrencies, but this is always overshadowed by their perceived ‘risks’ to the financial and banking system. It needs to be made very clear. The only chance for the existing system, at least as far as governments and central banks are concerned, is a widespread implementation of CBDCs. Only with this kind of control will central banks be able to impose any kind of financial stricture they desire upon the citizenry. The total control this would bestow to a central bank would allow it to ‘switch off’ from the system any individuals who do not follow the bank’s rules. Many who might see this would perhaps think that this is a fantastical and dystopian future that can only be read about in science fiction books. Nevertheless, it can be seen that China has a social credit system already in place that allows the government to blacklist and punish individuals who do not toe the line. Given the unbelievably disastrous state of all fiat-based economies across the world, total control of finances by governments and their central banks must be put in place to extract the last wealth of the people in order to prolong the fiat monetary system. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The year-on-year growing support for digital cash is supported by ongoing domestic pilots and cross-border initiatives taken up by various jurisdictions, CitiBank's survery found.

The project simulated transfers to customers of BDO Unibank in the Philippines with improved settlement time, cost and transparency.

VP Banks follows Citibank, Societe Generale, DekaBank and DZ Bank in selecting Metaco to assist the development of their digital asset services.